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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Carefree Development, LLC
Request: Cook County’s Department of Planning and Development requests approval of the investment of $2,646,000 HOME Investment Partnership Program funds to support the new construction of Carefree Village, a fifty-five (55) unit affordable senior housing development to be located at the intersections of South Cicero Avenue and 151st Street in Oak Forest, Illinois.
Total Development Cost: $25,884,886.00
Project Loan Amount: $2,646,000.00
Fiscal Impact: $2,646,000.00
Account(s): 11900.1013.54153.580171.00000
Summary: Cook County’s Department of Planning and Development recommends the investment of $2,646,000.00 in HOME Investment Partnership Program (HOME) funds for the acquisition and construction of Carefree Village (the Project), a new 55- unit affordable rental housing development for seniors located in south suburban Oak Forest. The County’s HOME loan will be in a subordinate position during the construction term (estimated 18-months) and remain subordinate during the permanent loan (40-year term). The loan will bear interest at a rate of 0.50% with interest-only payments for the first ten years with an additional ½% from available cash flow and principal and interest fully amortized thereafter. The County’s $2,646,000 HOME loan ($48,109 per unit) is 10.5% of the $25.9MM total development cost ($366,810 per unit).
Carefree Development LLC., a single purpose entity, controlled and operated by Philip Moeller, has over 25 years of experience, primarily within the senior residential housing sector in the Midwest. They have built and managed in excess of 3,000 senior housing units. Under Cook County’s HOME Program, Carefree completed 120 units of senior housing in Hoffman Estates in 2008 and in 2019 another 56 units in the Village of Forest Park.
The proposed facility is a new construction, three-story building with stone and brick masonry housing 79,732 square feet of residential and common areas. Common area design amenities include a spacious lobby, dining/community room, several lounge areas on all living levels, a computer/office facility, a library, state of the art exercise equipment and a game room. The project includes covered ground floor parking.
The building will feature forty-two (42) one bedroom and thirteen (13) two-bedroom units. Fourteen (14) of the 55 units will benefit from Housing Authority of Cook County (HACC) Project Based Vouchers (PBV’s) for a twenty (20) year term. Seven (7) units will be designated State Referral Network (SRN) units, leasing for 30% of the Area Median Income (AMI). Two (2) Section 811 units leasing at 30% AMI will be administered by IHDA.
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